Accounting question and answers for December 12, 2023
- Q Which of the following is CORRECT? Retained Earnings (2001) = Retained Earnings (2000) Net Income (2001) + Dividends (2001) Retained Earnings (2000) = Retained Earnings (2001)...
- Q The uncertainty that exists in relation to provisions as per IAS 37 is: a. Only timing b. Either timing or amount c. Both timing...
- Q Selected information from the Iowa Instruments accounting records for April follows: Materials Inventory Debit Credit BB (4/1) 26,600 210,600 175,600 Work-in-Process Inventory Debit Credit Labor 94,800 EB (4/30) 92,600 Finished...
- Q 1) Jim sold an asset for $75,000 in cash; he also received land worth $30,000 and was relieved of debt of $25,000. He paid a commission of $5,000. How much...
- Q Required information Skip to question [The following information applies to the questions displayed below.] Oslo Company prepared the following contribution format...
- Q The controller of MingWare Ceramics Inc. wishes to prepare a cost of goods sold budget for September. The controller assembled the following information for constructing the cost of goods sold...
- Q Chillmax Company plans to sell 3,500 pairs of shoes at $60 each in the coming year. Variable cost is 35% of the sales price; contribution margin is 65% of the...
- Q A person establishes a sinking fund for retirement by contributing $7,500 per year at the end of each year for 20 years. For the next 20 years, equal yearly payments...
- Q Audrey's prior cumulative gross earnings were $139,230, and her gross earnings in one week were $4,751. What is the amount of that week's Medicare deduction? (Give your...
- Q Payroll Register and Payroll Journal Entry Mary Losch operates a travel agency called Marys Luxury Travel. She has five employees, all of whom are paid...
- Q Nancy converted her personal home to a rental in 2019 when the building improvements were valued at $233,000. She originally purchased the home and land for $300,000. When purchased, 25%...
- Q Walla Walla Manufacturing produces snow shovels. The selling price per snow shovel is $33.00. There is no beginning inventory. Costs involved in production are: ...
- Q Webb University, a public university, records the following journal entry: Debit Appropriations Receivable $750,000; Credit Nonoperating Revenue--Appropriations for Operations $750,000. Which of the following describes the transaction or event that...
- Q JKL Company is preparing budgets for the third quarter ending Sept 30, 2019. Budgeted sales for the next five months are; July 20,681 units Aug 50,020 units ...
- Q company issues $545000 10-year, 8% annual bonds on January 1, 2020 at 102. Calculate the bond yield
- Q ABC limited leased equipment on 1 January 2022. The lease provided for four annual lease rentals of ksh 10 million payable in advance. The equipment has a...
- Q At the beginning of 2014, Parling Food Services acquired a 90% interest in Simmons' Orchards when Simmons' book values of identifiable net assets equaled their fair values....
- Q On January 1, 2018, Allied Industries leased a high-performance conveyer to Karrier Company for a four-year period ending December 31, 2021, at which time possession of the leased asset will...
- Q Espresso Express operates a number of espresso coffee stands in busy suburban malls. The fixed weekly expense of a coffee stand is $1,200 and the variable cost...
- Q The contribution format income statement for Huerra Company for last year is given below: Total Unit Sales $ 1,000,000...
- Q Carnival (CCL) has recently placed into service some of the largest cruise ships in the world. One of these ships, the Carnival Breeze, can hold up to 3,600 passengers, which...
- Q Question 1 (6 points max.): Tony's Tables journal entries (pages 15-16) total debits to cost of goods sold (there are two) $______ and credit cost of goods sold (just...
- Q Warren Enterprises had the following events during Year 1: The business issued $24,000 of common stock to its stockholders. The business purchased land for $16,000 cash. Services...
- Q Marley Corporation makes three products (X, Y, & Z) with the following characteristics: Products X Y Z Selling price per...
- Q On November 11, 2015, Patterson Corporation, a calendar year taxpayer, purchased an apartment building for $8,760,000 of which $460,000 was allocable to the land. On February 14, 2017, Patterson bought...
- Q Caso 1: Informes financieros en Mattel Mattel se estaba recuperando de un escndalo contable que haba revelado la mala situacin de la empresa. controles internos y una supervisin dbil...
- Q Sales Revenue for the period totaled $17,200. The beginning and ending Accounts Receivable balances for the period were $2,920 and $7,500, respectively. What was the amount of cash collected from...
- Q This is cost accounting. In reviewing the newest Framework for internal controls from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), comment on how the newest set of...
- Q When a CPA whistle blows against an employer under SOX or Dodd-Frank, this is an example of which threat? Multiple Choice adverse interest familiarity advocacy ...
- Q Shalima Berhad is a private company involved in aluminium mining. Due to high metal prices worldwide, the company has been growing successfully. However, because the company has significant debt borrowings...
- Q Choose the statement about boot that is correct. Boot can trigger the recognition of a realized loss. The receipt of boot can trigger gain recognition. The basis in the...
- Q Sage Corporation is having financial difficulty and therefore has asked Pronghorn National Bank to restructure its $6 million note outstanding. The present note has 3 years remaining and pays a...
- Q Current year Real Property Taxes $6,484,000 Delinquent Taxes 348,000 interest and Penalties Receivable on Taxes 23,860 Sales Taxes 748,000 Licenses and Permits 479,000 Fines and Forfeits 519,000 Intergovernmental Revenues...
- Q HRM Consulting Pty Ltd comenz el ao con activos totales de $80 000 y pasivos totales de $40 000. Durante el ao, la empresa obtuvo $150 000 en ingresos e...
- Q Ava has always wanted to own her own business. Last year, she took the leap and leased a pet store in a nearby city. She incurred start-up and large...
- Q Compute the number of equivalent units with respect to direct materials using the weighted-average method.Direct Materials Conversion PercePercent CompleteComplete100%40%Beginning work in process inventoryUnits started and completedUnits completed and...
- Q Gloria has 600,000 shares of $1 par value common stock outstanding. The following transactions occurred during the year- prepare the entry for each transaction: a) During April, Gloria declared a...
- Q Acorn Food Ltd is a Chinese restaurant chain that operates an all you can eat buffet restaurant. Customers pay a fixed fee to enter the restaurant, where they can eat...
- Q Question 5: Preparation of budget Everywhere Sports is a retail store in Parramatta supplying sporting equipment to the local community sports clubs. Information about the store's operations is as follows:...
- Q The beginning inventory of a firm using a periodic inventory system was overstated by $2,000 because of a calculation error, at 30 June 2019. Would cost of goods sold, current...
- Q Simons Inc. (SIM or the Company) is a U.S. public company that files quarterly and annual reports with the Securities and Exchange Commission (SEC). SIM is a leading online store...
- Q The following are the year end balances in Sams ledgers: Sales $43,000 Purchases $16,000 Equipment $22,000 Overdraft $8,000 ...
- Q Employees turnover Healthcare employees make 112 $ per hour on average. They normally work 8 hours per day. Use this information to calculate retaining employees costs. Some of the cost...
- Q Denise Lopez, age 40, is single and has no dependents. She is employed as a legal secretary by Legal Services, Inc. She owns and operates Typing Services located near the...
- Q Question: In accounting, which type of audit is conducted by an independent firm or organization outside of the company? A) Internal audit B) External...
- Q Ly Company disposed of two different assets. On January 1, prior to their disposal, the accounts reflected the following: Asset Original Cost Residual Value Estimated Life Accumulated Depreciation (straight-line) Machine...
- Q Potterii sells its products to large box stores and recently added a retail line of products to sell directly to consumers. These estimates are to be used in determining the...
- Q On July 1, 2012, an acquiring company Corp. paid $1,100,000 for 100% of the outstanding common stock of an investee company in a transaction that qualifies as a business combination....
- Q Assume that a publicity traded company is expected to experience supernormal dividend growth of 35% for the next three years, then to return to its long -run constant growth rate...
- Q Preparing a Production Budget Patrick Inc. makes industrial solvents. In the first 4 months of the coming year, Patrick expects the following unit sales: January 41,000 ...
- Q Recording Payroll and Payroll Taxes The following data are taken from Jefferson Distribution Companys March payroll: Administrative salaries $34,000 Sales salaries 54,000 ...
- Q On January 1, 2024, Tennessee Harvester Corporation issued debenture bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below: ...
- Q Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2018. Power...
- Q On July 1 of the current calendar year, Plum Co. paid $9,500 cash for management services to be performed over a two-year period beginning July 1....
- Q A perpetual inventory system continually updates accounting records for inventory transaction true or false
- Q Plan production for the next year. The demand forecast is: spring, 20,000; summer, 10,000; fall, 15,000; winter, 18,000. At the beginning of spring, you have 70 workers and 1,000 units...
- Q Inventory information for Part 311 of Monique Aaron Corp. discloses the following information for the month of June. June 1 Balance 300...
- Q What is the purpose of Section 351 of the IRC?
- Q Milly Manpower, age 45, is single and has no dependents. Her social security number is 987-65-4321. Milly lives at 3000 Westcliffe Drive, Cedar City, Utah 84720. She has no interest...
- Q Changes in volume always affect which of the following: -Variable cost per unit -Fixed cost per unit -Contribution margin per unit -Total fixed costs
- Q Crackle Cellular is approached by Tingle, a new customer, to fulfill a large onetimeonly special order for a product similar to one offered to regular customers. Crackle Cellular has excess...
- Q Preble Company manufactures one product. Its variable manufacturing overhead is applied to production based on direct labor-hours and its standard cost card per unit is as follows: ...
- Q In general, a corporation is not required to file Schedule M-1(Reconciliation of Income (Loss) per Books with Income per Return) along with their Form 1120 if: total...
- Q Tristar Production Company began operations on September 1, 2024. Listed below are a number of transactions that occurred during its first four months of operations. On September 1, the...
- Q You are an employee of a full-service bookkeeping and auditing firm called Accounting Solutions. You have a client named Dan. Dan owns Dan's Dependable Delivery, a national...
- Q Casey Nelson is a divisional manager for Pigeon Company. His annual pay raises are largely determined by his divisions return on investment (ROI), which has been above...
- Q Arlington Company purchased $100,000 of the 5%, 10-year bonds of Boulder Corporation for $92,561 on 5/2/20, which provides a 6% return on semi-annual interest payments made every 5/1 and 11/1....
- Q F earned $130,000 of employment income in the current year. His employer withheld CPP and EI premiums of $3,069 as well as income tax. Fs marital status is single. What...
- Q Suppose you invest $100,000 in a C corporation for 10 years. You expect the corporation to earn 8% pa before any corporate taxes and any investor level taxes. The...
- Q Part Two The following table displays the cost and net realizable value of the various items in Taylor Tools inventory. Use the ending balance of inventory...
- Q The following information regarding cash for Alpha Company is provided for the month ending March 31, 2016: Item Amount Ending...
- Q The preparation of which of the following items is covered by Regulation S-K? Multiple Choice Schedules Pro forma disclosures Selected financial data...
- Q From its first day of operations to December 31, 2020, Monty Corp. provided for uncollectible accounts receivable under the allowance method: 1. Entries for bad...
- Q Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in...
- Q Minden Co. is considering buying new computer software that will assist customers in their product choices. The cost is $50,000. The benefit will be an additional cash...
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